Boc’s Macklem: Canadian economy in excess demand, inflation too high – by fx_ross BOC Canada Currencies
The Canadian economy is in excess demand while inflation is too high although wage growth 'now looks to be plateauing', the Bank of Canada's Tiff Macklem explained. There is scope to cool labor market without causing the kind of unemployment surge we have typically experienced a recession.
In recent months we are seeing additional signs that exceptionally tight labor market conditions have started to ease, wage growth looks to be plateauing. It will be hard to know when we have reached maximum sustainable employment since it is not directly measurable.Meanwhile, the Canadian Dollar is under water following the US inflation report, losing some 1% and below 1.34 the figure. The price fell from a high of 1.3571 to a low of 1.3333.
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